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Fair-trade regulator Competition Commission of India (CCI) on Thursday cleared the proposed merger of Credit Suisse Group AG with UBS Group AG.
Photograph: Denis Balibouse/Reuters
Both Credit Suisse Group AG (Credit Suisse) and UBS Group AG (UBS) are multinational funding banks and monetary providers firms based and based mostly in Switzerland.
The transaction entails UBS’ proposed acquisition of Credit Suisse by approach of an absorption merger with UBS being the surviving authorized entity, based on CCI.
Post transaction, all Credit Suisse’s property, liabilities, and contracts will probably be transferred to UBS of their entirety.
The proposed transaction has been necessitated because of Credit Suisse’s monetary difficulties, CCI mentioned.
Deals past a sure threshold require approval from the regulator, which retains a tab on unfair enterprise practices within the market.
